Alan Bradley, an international director of Jones Lang LaSalle, who retires this week, has been a central figure in creating Ireland's largest property pension fund. He was also instrumental in establishing his agency as a key player in the commercial property market.
Before joining what was then Jones Lang Wootton in 1967, Alan spent four years with James Adam & Sons. He got a good grasp of the fledgling commercial market during that time when the main agents included Jimmy Gill of James Adam, Johnny Broadhead of Lisney and John McFarlane of Osborne King Megran.
On moving to JLW he was destined to spend the greatest part of his career buying and selling for the newly formed Irish Pension Fund Property Unit Trust (IPFPUT). The fund was set up in 1967 partly on the initiative of JLW with the support of the pension funds of Esso, Guinness and Aer Lingus.
Alan handled many large scale developments for IPFPUT and was involved in most of their major acquisitions including Fitzwilton House in 1978 and Gardner house in 1985. On his recommendation, IPFPUT forward funded several highly successful office schemes including two landmark buildings in the Earlsfort Centre in the mid-1980s and a large part of the George's Quay development now occupied by PricewaterhouseCoopers.
He also had particular interest in shopping centres, having bought and sold many of them over the years including Dundrum, D·n Laoghaire, Stillorgan and Roselawn in Dublin and Wilton in Cork. More recently he, along with Lisney, advised IPFPUT and Irish Life on the pre-funding of the £50 million (€63.49) Airside Retail Park at Swords.
Alan's contribution to IPFPUT was immense; the fund's current £450 (€571m) million portfolio has done exceptionally well over the years, none more so than since 1994. Thousands of retired workers are enjoying the benefits of his shrewd investments.
Alan learned the ropes at an early stage in his career when he was given responsibility for managing Hume House in Ballsbridge. The huge office building beside Jurys Hotel was built on a speculative basis and remained unlet for a considerable period.
Eventually the first lettings were agreed at £1 (€1.27) per sq ft. It could only get better after that.
Virtually all modern office developments in the mid and late 1960s were undertaken by British-based developers. Another big player at the time was Sun Life of Canada, which funded several developments by way of long term fixed rate mortgage, sometimes combined with a ground lease of the site to provide an element of equity through a geared rent review mechanism. Alan put many of these complicated arrangements in place for his clients. Not only have the funding procedures changed in the meantime, but most developments here are now carried out by Irish companies. Alan Bradley, a businessman of great integrity and courtesy, will be missed in an industry which has become extremely tough and competitive.
